Location, Location, Location – Why You Need Location IntelligenceNovember 14th, 2017
An introduction to the benefits of leveraging location data…
“Data is everywhere.”
Oh, you’ve heard that one. Well, just bear with me…
The amount of data we produce is increasing every day, with current forecasts suggesting about 1.7 megabytes of information will be created every second, by every human being by the year 2020.
The integration of technology into almost every aspect of our lives means that pretty much everything we do is digitally documented. A by-product of innovation just waiting to be harvested by those who recognise it’s worth.
At the heart of this explosion of information we find location data, and the means to leverage it – location intelligence.
What is Location Intelligence?
Simply, Location Intelligence (LI) is the result of the raw data created by smartphones, websites, roaming data, GPS, Apps and now the ‘Internet of Things’ to provide insight and help devise actionable strategies.
Indeed, Location Intelligence is proving to be an essential asset for organisations looking for a competitive advantage. With means to leverage location data, they can enable better decision making, optimise operations and improve performance.
In this piece we look at some of ways Location Intelligence is already benefiting those in the know.
Marketing & Sales
Location Intelligence enriches data, giving businesses a more detailed, personal understanding of who customers are, as well as offering insight into their behaviours and habits. This allows the marketer to target their audience with an unprecedented degree of accuracy; creating a higher turnaround in conversions, reducing cost and saving money.
Whether you’re conducting a postal, billboard, app or online campaign; Location Intelligence can identify the right opportunities, while revealing gaps that may have previously gone unnoticed.
There a many considerations when scouting locations for your business or organisation. Location Intelligence can help you choose the perfect site by identifying the demographic of an area, the size of the population, the accessibility of transport, public services, as well as forecasting the future development of an area.
Whether you’re opening a new shop, factory, supermarket or cinema; understanding the social geography of any potential location is key to the success of your site.
Logistics & Supply Chains
In transport planning, location data can not only help you design the optimal route for your supply chain, but also analyses the risk that could disrupt your deliveries.
By monitoring the location data of your route, you can avoid potential problems like traffic congestion and enable effective forecasting to develop mitigation plans for any unforeseen disruption e.g. roadworks, parking restrictions, flooding…
Assessing the performance of a shop or supermarket can help you understand your customer’s behaviour and the products they are drawn to. By assessing the patterns found in the data, you can then improve your strategy to improve sales; this could be reflected in the shop layout, where products are placed or offers advertised, opening and closing times, changes to staff patterns, in-store analytics, movement analytics and much more.
There is even the potential to detect customers in the area through smartphone technology, and send them personalised texts and messages regarding their favourite products.
Through data, insurance companies can now asses risk much more precisely by monitoring property, individuals and even natural events. A foresight that has made the sector far more proactive in their role, and instrumental in the evolution of UBI, PAYD and PHYD.
Connected cars, homes and appliances all have the ability to record data valuable to the insurance industry; data that can be analysed and used to predict risk, and to correctly asses the outcome of a claim.
Government & Health
Of course commercial entities are not the only organisations to see the value in Location Data. Local authorities have also been quick to leverage location data to improve their towns, cities and citizens. The detailed data now available through our mobile phones and Internet habits can be used to inform policy and improve public health, transport, education and funding allocation.
For example, Location Intelligence could be used to lower pollution by identifying specific recurrences of congestion, and then putting in place a plan to alleviate the traffic in that area. The knock on effect of this would be a benefit to public health and savings for the areas medical services.
In this, Location Intelligence is key to mapping out the smart cities of the future. By documenting our lives in data, we have created the means to improve the real world.
To find our more about location intelligence, please contact us today.
Tags: Insurance, Location Intelligence, Logistics, Marketing, Retail, Site Location, Supply Chain